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461 West 44th St. 1-E, New York, NY 10036

Listing Details:
$495,000 Price
Co-op Property Type
Hells Kitchen Neighborhood
1 Beds
1 Baths
-- Approx. Sq. Ft.
$1,201 Maint/CC
Key Features:
Allows Pets
Rooftop Access

INVESTOR OPPORTUNITY: 3% Compound interest + Capital Gain
Occupied Apartment or Future Home

Classic prewar one bedroom with well-proportioned rooms, 9’5” ceiling, and hardwood floors through-out. A central entry foyer leads to an ideal size living room with south light and greenery outside the windows. The bedroom fits a king-size bed, with plenty of room for dressers, and has two generous closets. It is a treat to have a windowed eat-in kitchen with plenty of counter space and room for full-size appliances yet still easily fits a round table for four. A roomy windowed bathroom is a plus.

There is a beautiful Art Deco lobby. On the ground level, there is an enchanting common garden with potted plants, an amazing koi pond (with turtles and a waterfall), AND a Tiki Bar and grill. The common roof deck has a table, chairs, benches, magnificent well-tended plants, and amazing sunset views. This is a lovely well-maintained boutique prewar elevator building, with live-in super, on the most desirable tree-lined townhouse block in Hell’s Kitchen, known as Doctor’s Row. Mid-block is the famed Actor’s Studio (a membership organization for professional actors), and New Dramatists (an artistic home for professional playwrights).

Located in the heart of vibrant Hell's kitchen, close to the Theater District and its Restaurant Row, in a neighborhood teeming with restaurants, coffee shops, and nightlife. Convenient to the A, C, E, 1, 2, 3, 7, N, Q, R, S, and Port Authority.

The current owner seeks to sell and reside in the apartment until passing, at which time the buyer will take occupancy rights.

RISK: You are investing in an occupied coop apartment worth $750,000 in today’s market, for an uncertain # of years. Based on Social Security Actuarial Life Tables, the life expectancy of the current owner is 5.2 years.

Calculating Discount: $495,000, at a 3% return, over 6 years, interest compounded monthly, equals $582,489. ($97,489 interest). If the apartment is then sold after 6 years, using $750,000–495,000= 255,000 – 97,489 (opportunity cost) = 157,000 (32% return). If owner lives 10 more years: $750,000–495,000= $255,000-172,930=$82,070 (16% return).

The seller will pay the maintenance for the remainder of the life tenancy. The owner will entertain OFFERING A PRIVATE MORTGAGE TO FINANCE THE SALE to the right investor.

Listing courtesy of Compass

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